The company maintains a vulnerable liquidity position with a current ratio of 0.90 as of 2026Q1 and a history of extreme leverage volatility, including a debt-to-equity ratio that peaked at 10.04 in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Total Current Assets | 82.1M | 57.16M | 54.05M | 90.54M | 88.17M | 87.91M | 47.84M | 71.15M | 144.65M | 471.79M | 160.65M | 556.59M | 702.71M | 338.63M | 287.86M | 20.24M | 20.53M | 23.64M | 60.02M | 31.49M | 15.71M | 34.74M | 34.3M | 0 |
| Cash & Short-Term Investments | 46.37M | 27.96M | 19.71M | 57.53M | 32.73M | 48.75M | 4.29M | 14.28M | 46.87M | 424.07M | 24K | 8.03M | 43.71M | 2.83M | 2.51M | 49K | 1.38M | 129K | 164K | 6.87M | 6.72M | 34.55M | 34.19M | 0 |
| Cash Only | 46.37M | 27.96M | 19.71M | 57.53M | 32.73M | 48.75M | 4.29M | 14.28M | 46.87M | 424.07M | 24K | 8.03M | 43.71M | 2.83M | 2.51M | 49K | 37K | 129K | 164K | 6.87M | 6.72M | 290.75K | 834.09K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 0 | 0 | 0 | 0 | 34.26M | 33.35M | 0 |
| Accounts Receivable | 21.61M | 12.07M | 26.3M | 23.02M | 37.97M | 36.81M | 40.8M | 54.75M | 94.25M | 43.34M | 153.69M | 522.49M | 629.09M | 300.26M | 273.23M | 10.29M | 11.92M | 14.08M | 13.56M | 18.06M | 7.3M | 8.3M | 91K | 0 |
| Days Sales Outstanding | 44.07 | 26.71 | 49.51 | 38.06 | 38.6 | 47.1 | 100.43 | 88.94 | 151.81 | 41.86 | 134.18 | 346.56 | 199.97 | 109.65 | 402.22 | 36.6 | 39.16 | 59.02 | 27.1 | 80.51 | 39.18 | - | 1.85 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.75M | 10.57M | 6.89M | 4.63M | 4.69M | 5.15M | 3.12M | 4.31M | 3.38M | 3.9M | 18.33M | 5.71M | 1.01M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 15.6 | 19.93 | 7.93 | 3.46 | 2.52 | 3.08 | 7.86 | 28.6 | 20.41 | 33.28 | 137.92 | 96.67 | 20.24 | - | - | - |
| Other Current Assets | 14.13M | 16.51M | 7.47M | 9.5M | 16.75M | 1.38M | 1.85M | 36K | 35K | 54K | 236K | 16.86M | 403.55M | 58K | 8.31M | 4.39M | 3.53M | 3.56M | 39.85M | 4.63M | 677K | 484K | 1K | 0 |
| Total Non-Current Assets | 330.26M | 403.51M | 377M | 394.8M | 397.19M | 302.35M | 298.66M | 513.51M | 1.94B | 1.17B | 1.16B | 2.9B | 5.73B | 5.02B | 4.75B | 247.56M | 244.47M | 287.52M | 335.82M | 548.75M | 146.01M | 549.86K | 6.56K | 0 |
| Property, Plant & Equipment | 5.34M | 392.8M | 370.67M | 372.27M | 388.99M | 297.57M | 292.3M | 512.59M | 1.92B | 1.17B | 1.16B | 2.88B | 5.38B | 4.92B | 4.46B | 216.52M | 209.91M | 249.3M | 296.5M | 541.62M | 142.81M | 8.95K | 6.56K | 0 |
| Fixed Asset Turnover | 0.52x | 0.42x | 0.52x | 0.59x | 0.92x | 0.96x | 0.51x | 0.44x | 0.12x | 0.32x | 0.36x | 0.19x | 0.21x | 0.20x | 0.06x | 0.47x | 0.53x | 0.35x | 0.62x | 0.15x | 0.48x | - | 2740.93x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 629.09M | 300.26M | 227.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 9.15M | 0 | 940K | 1.28M | 1.56M | 3.74M | 0 | 804K | 13.01M | 563K | 1.89M | 209K | 4.31M | 4.46M | 11.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 322.31M | 10.71M | 5.39M | 21.25M | 6.64M | 1.04M | 6.36M | 123K | -81.17M | 1.13M | 0 | 1.6M | 3.83M | 1.51M | 49.7M | 6.94M | 3.56M | 6.65M | 10.6M | 3.34M | -23.47M | 540.91K | 0 | 0 |
| Total Assets | 412.37M | 460.68M | 431.05M | 485.34M | 485.36M | 390.27M | 346.5M | 584.67M | 2.08B | 1.64B | 1.32B | 3.46B | 6.43B | 5.36B | 5.04B | 267.8M | 265M | 311.16M | 395.85M | 580.24M | 161.72M | 35.29M | 34.31M | 62.19M |
| Asset Turnover | 0.34x | 0.36x | 0.45x | 0.45x | 0.74x | 0.73x | 0.43x | 0.38x | 0.11x | 0.23x | 0.32x | 0.16x | 0.18x | 0.19x | 0.05x | 0.38x | 0.42x | 0.28x | 0.46x | 0.14x | 0.42x | - | 0.52x | - |
| Asset Growth % | -1.96% | 6.87% | -11.19% | -0% | 24.37% | 12.63% | -40.74% | -71.94% | 26.77% | 24.55% | -61.84% | -46.25% | 20.12% | 6.26% | 1782.37% | 1.06% | -14.84% | -21.39% | -31.78% | 258.78% | 358.28% | 2.87% | -44.84% | - |
| Total Current Liabilities | 91.2M | 63.64M | 77.66M | 134.42M | 165.03M | 121.6M | 83.18M | 106.43M | 161.74M | 150.34M | 207.55M | 295.25M | 744.68M | 664.38M | 677.97M | 26.34M | 32.89M | 38.02M | 63.06M | 65.92M | 18.18M | 685.56K | 52.68K | 0 |
| Accounts Payable | 15.18M | 12.63M | 15.66M | 24.91M | 42.92M | 25.32M | 22.74M | 36.04M | 68.96M | 35.69M | 24.36M | 47.26M | 60.51M | 87.66M | 136.72M | 11.5M | 27.02M | 26.45M | 34.57M | 20.32M | 11.74M | 7.58M | 0 | 0 |
| Days Payables Outstanding | 73.23 | 31.33 | 49.86 | 75.42 | 125.15 | 88.07 | 76.95 | 77.12 | 226.4 | 67.25 | 28.07 | 35.3 | 32.44 | 52.53 | 344.97 | 76.31 | 162.99 | 225.66 | 260.11 | 343.83 | 234.61 | 171.97 | - | - |
| Short-Term Debt | 23.14M | 0 | 12.25M | 50.11M | 35.07M | 454K | 1.72M | 923K | 0 | 0 | 0 | 0 | 0 | 1.39M | 74.67M | 0 | 127K | 126K | 160K | 29.23M | 756K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.72M | 93.38M | 422K | 7.96M | 21.22M | 24.88M | 8.84M | 0 | 5.11M | 6.26M | 27.24M | 9.16M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 52.89M | 23.53M | 13.8M | 17.71M | 76.22M | 92.1M | 25.35M | 66.53M | 66.1M | 91.83M | 178.77M | 227.66M | 568.38M | 469.02M | 25.07M | 3.16M | 3.1M | 8.13M | 19.26M | 12.36M | 4.07M | -7.79M | 25.68K | 0 |
| Current Ratio | 0.90x | 0.90x | 0.70x | 0.67x | 0.53x | 0.72x | 0.58x | 0.67x | 0.89x | 3.14x | 0.77x | 1.89x | 0.94x | 0.51x | 0.42x | 0.77x | 0.62x | 0.62x | 0.95x | 0.48x | 0.86x | 50.67x | 651.08x | - |
| Quick Ratio | 0.90x | 0.90x | 0.70x | 0.67x | 0.53x | 0.72x | 0.58x | 0.67x | 0.86x | 3.07x | 0.74x | 1.87x | 0.94x | 0.50x | 0.42x | 0.60x | 0.52x | 0.52x | 0.66x | 0.39x | 0.81x | 50.67x | 651.08x | - |
| Cash Conversion Cycle | -29.16 | - | - | - | - | - | - | - | -58.99 | -5.47 | 114.04 | 314.73 | 170.05 | 60.2 | 65.12 | -11.11 | -103.43 | -133.36 | -95.09 | -166.65 | -175.19 | - | - | - |
| Total Non-Current Liabilities | 164.05M | 203.59M | 171.73M | 176.37M | 235.71M | 204.96M | 173.36M | 161.58M | 724.82M | 421.29M | 999.43M | 3.11B | 3.92B | 3.24B | 2.27B | 235.52M | 227.95M | 273.67M | 283.06M | 415.62M | 171.44M | 6.88M | 6.45M | 56.27M |
| Long-Term Debt | 53K | 180.96M | 145.53M | 140.28M | 182.68M | 181.56M | 158.49M | 144M | 613.11M | 409.17M | 964.65M | 2.87B | 3.75B | 3.18B | 2.03B | 202M | 196.97M | 246.04M | 250.54M | 306.52M | 131.48M | 0 | 0 | 56.27M |
| Capital Lease Obligations | 773K | 104K | 84K | 490K | 0 | 352K | 0 | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95.79M | 0 | 0 | 136.83M | 136.83M | 8.47M | 160.06M | 0 | 0 | 0 | 5.78M | 71.05M | 26.68M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 163.99M | 22.53M | 26.11M | 35.6M | 53.03M | 23.04M | 14.87M | 15.34M | 15.93M | 12.12M | 34.78M | 237.39M | -17.19M | 60.68M | 75.28M | 33.52M | 30.98M | 27.63M | 32.53M | 38.05M | 13.28M | 6.88M | 6.45M | -56.27M |
| Total Liabilities | 255.25M | 267.23M | 249.39M | 310.78M | 400.73M | 326.56M | 256.54M | 268.02M | 886.57M | 571.62M | 1.21B | 3.41B | 4.66B | 3.91B | 2.95B | 261.85M | 260.83M | 311.69M | 346.12M | 481.54M | 189.62M | 7.57M | 6.5M | 79.03M |
| Total Debt | 23.19M | 189.82M | 165.87M | 197.88M | 218.09M | 182.37M | 168.23M | 147.17M | 613.11M | 409.17M | 964.65M | 2.87B | 3.75B | 3.19B | 2.11B | 202M | 197.09M | 246.17M | 250.7M | 335.75M | 132.24M | 0 | 0 | 56.27M |
| Net Debt | -23.18M | 161.86M | 146.16M | 140.35M | 185.37M | 133.62M | 163.94M | 132.9M | 566.24M | -14.9M | 964.63M | 2.87B | 3.7B | 3.18B | 2.11B | 201.95M | 197.06M | 246.04M | 250.53M | 328.87M | 125.52M | -290.75K | -834.09K | 56.27M |
| Debt / Equity | 0.15x | 0.98x | 0.91x | 1.13x | 2.58x | 2.86x | 1.87x | 0.46x | 0.51x | 0.38x | 8.56x | 16.95x | 1.98x | 2.20x | 1.01x | 33.96x | 47.30x | - | 5.04x | 3.40x | - | - | - | - |
| Debt / EBITDA | 0.56x | 4.17x | 4.03x | 2.67x | 1.07x | 1.23x | - | - | 3.61x | 0.50x | 9.03x | - | 7.87x | - | 34.82x | 4.72x | 3.62x | - | 2.26x | 7.72x | 3.69x | - | - | 218.09x |
| Net Debt / EBITDA | -0.56x | 3.56x | 3.55x | 1.89x | 0.91x | 0.90x | - | - | 3.34x | -0.02x | 9.03x | - | 7.78x | - | 34.78x | 4.72x | 3.62x | - | 2.26x | 7.56x | 3.51x | -0.01x | -0.13x | 218.09x |
| Interest Coverage | 1.63x | -0.23x | -0.58x | 0.91x | 1.79x | -2.53x | -33.63x | -28.50x | 4.30x | 8.46x | -0.69x | -7.22x | 3.16x | -19.26x | -1.15x | 1.30x | 1.15x | -3.02x | -8.17x | - | 1.26x | - | - | - |
| Total Equity | 157.12M | 193.45M | 181.66M | 174.56M | 84.63M | 63.7M | 89.96M | 316.65M | 1.2B | 1.07B | 112.69M | 169.58M | 1.89B | 1.45B | 2.09B | 5.95M | 4.17M | -526K | 49.72M | 98.7M | -27.89M | 27.72M | 27.8M | -16.84M |
| Equity Growth % | 581.01% | 6.49% | 4.07% | 106.26% | 32.84% | -29.18% | -71.59% | -73.55% | 11.66% | 851.3% | -33.55% | -91.02% | 30.51% | -30.84% | 35092% | 42.74% | 892.21% | -101.06% | -49.62% | 453.82% | -200.62% | -0.29% | 265.09% | - |
| Book Value per Share | 9.02 | 11.75 | 11.04 | 10.62 | 5.13 | 3.92 | 5.55 | 25.69 | 76.10 | 80.25 | 12.12 | 15.77 | 34.83 | 3.81 | 22708.55 | 0.75 | 1.59 | -0.07 | 7.04 | 23.93 | -10.87 | 10.46 | 9.36 | -6176.02 |
| Total Shareholders' Equity | 157.12M | 193.45M | 181.66M | 174.56M | 84.63M | 63.7M | 89.96M | 316.65M | 1.2B | 1.07B | 112.69M | 52.41M | 1.77B | 1.45B | 2.09B | 5.95M | 4.17M | -526K | 49.72M | 98.7M | -27.89M | 27.72M | 27.8M | -16.84M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 16K | 15K | 9K | 12K | 42K | 41K | 26K | 3K | 8K | 8K | 8K | 6K | 3K | 770 | 770 | 0 |
| Retained Earnings | -329.47M | -273M | -284.88M | -252.99M | -249.94M | -268.48M | -240.17M | -10.46M | 101.66M | 55.7M | -479.98M | -3.23B | -1.22B | -1.51B | -274.46M | -216.31M | -214.91M | -217.32M | -167.06M | -28.99M | -26.44M | 415.53K | 64.53K | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.3M | -7.16M | -6.98M | -6.19M | -4.03M | -3.94M | -3.77M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -648.34M | -574.25M | -466.96M | -5.96B | -2.97B | -2.2B | -596.33M | -509.13M | -489.63M | -462.54M | -396.3M | -67.53M | -48.58M | -4.92K | -1.42K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117.17M | 117.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in quarterly financial filings, Battalion Oil’s total assets have declined from $506.2 million in 2025Q1 to $412.4 million in 2026Q1, reflecting a persistent contraction that underscores the company's ongoing struggle to maintain its asset base amidst significant operational and financial headwinds.
The consistent reduction in total assets suggests that the company is either divesting core holdings or failing to replace production through organic development. This downward trajectory in asset value, coupled with a massive accumulated deficit, indicates a business model that is currently unable to preserve its capital base.
Based on the provided balance sheet data, Battalion Oil’s debt-to-equity ratio has fluctuated wildly, peaking at 10.04 in 2024Q1 before settling at 0.15 in 2026Q1, which suggests that the company’s capital structure remains highly unstable and sensitive to periodic debt restructuring events.
The extreme variance in leverage metrics implies that the company relies heavily on non-operational financing maneuvers to manage its obligations. Investors should monitor whether the current lower leverage ratio is a sustainable improvement or merely a temporary artifact of recent capital structure adjustments.
According to the company's quarterly balance sheets, the current ratio has remained consistently below 1.0, reaching 0.90 in 2026Q1, which indicates that Battalion Oil lacks a sufficient liquidity buffer to comfortably meet its near-term obligations without relying on external capital or asset sales.
A current ratio persistently below parity suggests that the company is operating with minimal margin for error regarding its working capital. This liquidity constraint likely forces management to prioritize short-term cash preservation over long-term capital investment, further limiting the company's ability to scale production.
As evidenced by the financial statements, the company’s retained earnings have remained deeply negative, reaching -$329.5 million in 2026Q1, which highlights a long-term history of value destruction that continues to weigh heavily on the company's total equity position.
The persistent negative retained earnings indicate that the company has failed to generate cumulative profits over its operating history. This structural deficit suggests that the equity base is highly fragile and potentially susceptible to further dilution if the company requires additional capital to sustain its operations.
Quick answers to the most common questions about buying BATL stock.
As of 2025, Battalion Oil Corporation (BATL) had total assets of $460.7M including $57.2M in current assets.
Battalion Oil Corporation (BATL) carries total debt of $189.8M, offset by $28.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Battalion Oil Corporation (BATL) has total shareholders' equity (book value) of $193.4M ($11.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Battalion Oil Corporation (BATL) reported a current ratio of 0.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.